Description
Suitable for small funds or PAs.
Bravo Brio Restaurant Group (BBRG) was presented by SlackTide on March 10, 2017, so this will be brief. I don’t love the idea of re-submissions only eight months later, so I won’t count this toward my annual quota. But I think there are some nuances to point out, and that it’s timely to revisit this microcap. For this write-up, I will not address the quasi-activism by TAC Capital, nor the company's February 2017 announcement that it would "explore alternatives to enhance shareholder value" as I have never viewed either of them as material considerations.
Since BBRG was posted on VIC in March, the company has reported three quarters of results. While SSS remain weak (down 2.9% YTD), EBITDA has increased by 24% YTD. The thesis is that a baseline for EBITDA has been set, and with the stock down 39% this year, it is too cheap at 3.7x LTM EBITDA and 5x FCFE.
BBRG pursued an aggressive/foolish leasing strategy during its growth phase, whereby it accepted lease incentives in the form of large upfront cash payments. So BBRG signed many leases where the trade-off for an upfront cash rebate were payments over the life of the lease that are above the industry average, as a % of sales. Essentially, they pulled-forward cash out of their lease arrangements, as a form of financing. The cash proceeds were then re-invested into new locations, most of which are in malls. The abnormally high ongoing lease expense has been exacerbated by the company’s decline in sales. Further, this negative working capital cycle created by this strategy is now unwinding, as the company is no longer signing new leases and thus not receiving upfront cash. Finally, even accounting for the cash rebates, the company signed several leases that were too expensive for their revenue base over the last few years. It was a bad combination of aggressive financing arrangements and just plain bad lease deals. Notably, the CEO who led this charge left the company at the end of 2015.
As the accounting works, the amortization of these lease incentives is deducted from the Occupany expense on income statement, however it remains a cash outflow – this is now inflating the company’s reported “income statement” EBITDA. I have made adjustments to account for this lease incentive amortization with all of my references to EBITDA so that it reflects the true cash economics of the business. I felt this was fully understood and discounted at under $4 per share, but apparently not.
With this piper now being paid, BBRG shares have become unusually cheap to this Adjusted EBITDA. Several years of declining SSS and EBITDA are the culprit, however EBITDA has turned demonstrably of late. LTM EBITDA is now 16% ahead of 2016; YTD EBITDA is up 24% versus 2016; and 2Q + 3Q 2017 EBITDA is double what it was for the same quarters of 2016. Despite revenue declines, I believe there is more margin improvement to be had. The table below lays out the numbers, in comparison to the three best comparable companies in my judgement. They’re not perfect, but they illustrate the delta in margins.
Note that I adjust EBITDA for the “lease incentive” portion that is amortized (and deducted) from the expense item on the income statement. Therefore my Adjusted EBITDA is lower than what would appear in company screens.
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)
As shown above, BBRG’s margins are improving but remain too low:
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Food costs are line with its peers, and this is good news. While they are certainly price-takers, they’re not in purgatory with regard to this line time
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Labor/Operating/G&A expense has improved some, but I believe there is more to follow. It remains too high
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They have several bad leases and cash flow-negative stores from which they are exiting. So far, they have exited 5 stores this year, and I expect 5 or so additional closures next year. Finally, I believe there are selective opportunities for price concessions where leases that are up for renewal imminently (say 1-2 years out). Many of the malls they are in are even more price-takers than is BBRG
I think item 2 above will continue to show modest improvement. And while there is not much they can do about most of their leases (they are stuck with above-market rent in most places), there will be marginal improvement there as a % of revenue. For comparison’s sake, below is comp table – I added KONA for another perspective, namely because it is also a microcap with debt. And for comic relief.
![](data:image/png;base64,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)
There is not a lot to like about this group, and BBRG in particular. BBRG has suffered a horrendous multi-year slide in SSS (-5.2%, -2.8%, -5.0%, -2.8% from 2016 back to 2013), and one must go back to 2012 to hit flat/positive comp sales. In addition, the company recently required a waiver to their bank agreement, after threatening to trip a lease-adjusted leverage ratio – the lease capitalization pushed over what was a tight convenant, and it seems clear the banks want out of this one. One of the concessions was to move up the maturity from November 2019 to December 1, 2018. I have low concern over the company’s ability to work out a new financing arrangement, likely with cash flow sweeps, which I expect in weeks to two months.
Next, the CFO departed for personal reasons in September (I am satisfied with what I have been told regarding this). Finally, one of the few analysts still following the company, from Piper Jaffray, downgraded the stock upon the CFO announcement. To the positive, the company filled the role within a month, luring back a BBRG veteran (ten years as VP-Finance / Accounting) who had recently left the company.
From the announcement of the beginning of the bank waiver discussions until now, the stock has been cut in half. In between, they have reported two quarters that have reinforced my thesis. I project that BBRG can achieve a 6% Adjusted EBITDA margin run-rate, on a sales base of $380M (pro forma for restaurant closures) by mid-2018. This generates EBITDA of $23M and free cash flow to the equity of $9M, representing 3.1x EBITDA and a 25% FCFE yield. This assumes an annual capex budget of $8M, which includes maintenance; continuation of their ongoing refurbishment program; and zero new stores. This also assumes continued negative 2-3% comps for another year, followed by a leveling-off toward flat. Remember, some negative-margin stores have been cut, with those benefits to be seen over coming quarters. In addition, there is still room for expense improvement for the better locations, and the company has shown modest gains there over the last two quarters. So coming from such a low base, there is still room to push margins upward. I think the shares are too cheap to ignore.
Risks
-- Continued SSS declines
-- Bank maturity on December 1, 2018
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
-- Bank Debt Refinancing